Hopes that the world is making progess in the effort to fight climate change were dealt another blow this week as the Global Carbon Project published research showing global carbon emmissions will hit a record high in 2018 following a plateau in recent years.
Nine Multilateral Development Banks have announced they will work to align their activities with the Paris Agreement Goals to start COP24 in Katowice. The 9 Banks are the African Development Bank (AfDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank, Islamic Development Bank, New Development Bank (NDB), and the World Bank. The Banks have presented ‘six key areas of action’ to guide their activities.
- Is Clean Energy Funding From The UN’s Green Climate Fund And Other Sources Going Where It’s Needed Most?
Developing countries are struggling to access private finance as they look to invest in green projects and infrastructure, with banks and investors reluctant to invest in countries without the track record of a developed country. While numerous multilateral organisations like the Green Climate Fund and the World Bank have pledged to significantly increase their climate finance budgets, these organisations will never be able to meet the demand and with climate change itself now beginning to impact decision-making from private lenders, there is a call for international cooperation and leadership to increase support for developing countries to enable them to meet their climate commitments.
A new report from the Institute of International and European Affairs (IIEA) argues that policies and actions taken by US President Donald Trump is slowing down global climate action. The IIEA describes three ways the ‘Trump Effect’ is hampering the fight against climate change: by withdrawing from the Paris Agreement Trump has empowered other countries to drag their feet or outright renege on their commitments, Trump’s actions have damaged international trust and goodwill making cooperation more difficult, and his policies have increased the attractiveness of fossil fuel investments.
- EU Unveils Strategy to Achieve Climate Neutrality by 2050
The European Commission has announced its long-term strategy to achieve climate neurality across the EU by 2050.
Despite being the fifth largest emitter of greenhouse gases, Indonesia has largely managed to avoid the scrutiny and criticism afforded to other emitters, despite the fact the country has taken minimal action to implement policies or programs to achieve its Paris Agreement target of reducing emissions by 29% by 2030. In fact, the country appears to be going in the other direction with plans to build more than 100 coal-fired power plants and expand deforestation in the coming years.
The UN has launched a new ‘Task Force on Digital Financing’ to harness financial technology to help achieve the 2030 Sustainable Development Goals. The task force will meet in Davos in January and aims to produce a preliminary report by September 2019.
Michael Møller, director general of the UN Geneva office, told Devex the organisation needs almost total reform to adapt to the challenges facing the world today.
15 months into his tenure as USAID Administrator, Mark Green has begun to articulate a vision for the US’s development assistance agency under the Trump Administration he describes as the ‘journey to self-reliance.’
While the Trump Administration continues to deny the threat of global warming and climate change, the Democratic Party is beginning to align itself around a comprehensive economic, social and environmental plan to tackle the issue in a way that will greatly reduce the US’s emissions while providing tools and assistance to ensure the transition does not come at the cost of ordinary Americans. Observers and pundits believe the ‘Green New Deal’ will form part of the core of the newly elected House of Representatives agenda and will be one of the main issues for Democratic voters in the presidential primaries ahead of the 2020 election.
Toniic, an impact investment group based in San Francisco, is looking to enter the Chinese market and introduce impact investing to Chinese investors.
A new report from the International Non-Governmental Organization Impact Investing Network shows that NGOs operating in the impact investing space are emerging as key players by leveraging their unique knowledge and assets to provide value that other investors and intermediaries lack.